How to apply service updates on a one-box VM of Microsoft Dynamics 365 - Finance and Operations

The process describes step by step, how to apply service updates comprising application and binary updates after downloading from lifecycle services (Microsoft LCS), and then apply using command shell. The process is automated and mostly does not require any interaction once it has been correctly begun. Covers process from 10.0.13 to 10.0.16 build and same process can be applied from 10.0.0 to 10.0.16 as well.